Jones' main fund, BVI Global, was down 2.8% in the first
quarter, which is driving the investor flight, according
to Bloomberg.

This exodus represents a large chunk of the firm's $13 billion in
total assets.

BVI Global is a macroeconomic trend-focused fund, betting on
large scale developments around the world. According
to eVestment, global macro hedge funds similar to BVI Global
have taken it on the chin lately: The style as a group
was down -0.43% in March, one of only two hedge fund
strategies out of 14 tracked by eVestment to fall during that
month.

The
report from Bloomberg said that many of the
redemptions are coming from large money managers that have been
with the firm for a long time. Additionally, the report said most
of these redemptions have come just in the last few weeks, citing
people close to the matter.

These moves come after a few years of lackluster returns, after
Jones established a strong track record by beating the market by
double digits in 2008 and 2009. The hedge
funder underperformed the S&P 500 in 2014 with just
a 3.5% return in 2014 and barely beat the benchmark stock
index last year with a 1.4% return.

In addition to the redemptions,
Bloomberg reported that Richard Puma, the firm's deputy chief
operating officer, is leaving the company after three years.
It was his second stint with Jones after working for him from
1995 to 2003.